pari passu ranking definition

pari passu ranking means, in relation to a borrower, the debt of that borrower which (i) ranks equally, in priority of payment to the relevant lender(s), with all of the other debt of that borrower which is of the same class or type as that debt (such class or type being determined, among other things, with reference to the status of the relevant debts as secured or not secured and/or Subordinated or not Subordinated), and (ii) which debt is accordingly not subordinated to any of the other debt of that borrower which is of the same class or type as that debt;
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pari passu ranking means, in relation to a borrower, the debt of
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pari passu ranking. The Obligations of the Loan Parties rank at least pari passu in right of payment with (i) until the Security Release Date only, all other senior, secured Indebtedness of the Loan Parties (including all obligations related to the Outstanding Notes and any guarantees issued by the Loan Parties in respect thereof), other than Indebtedness secured by Permitted Encumbrances which under applicable Laws rank in priority thereto, and (ii) at all other times, all other senior, unsecured and unsubordinated Indebtedness of the Loan Parties.”
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More Definitions of pari passu ranking

pari passu ranking. The Obligors' (other than the Parent's) obligations under the Financing Documents will rank at least PARI PASSU with all its other present and future unsecured and unsubordinated obligations other than obligations that are mandatorily preferred by law;
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pari passu ranking. Funding shall procure that its obligations under the Transaction Documents do and will rank at least pari passu with all its other present and future unsecured obligations, except for obligations mandatorily preferred by law.
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pari passu ranking means, as an Obligation Characteristic or Deliverable Obligation Characteristic, an obligation that ranks at least pari passu with the most senior Reference Obligation in priority of payment or, if no Reference Obligation is specified in the applicable Pricing Supplement, the obligations of the Reference Entity that are neither subordinated by their terms (or otherwise) nor secured;
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pari passu ranking means an obligation that ranks at least pari passu with the obligations of the Deliverable Bonds Issuer that are neither subordinated by their terms (or otherwise) nor secured.
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pari passu ranking. The Company shall ensure that the obligations of each Group Member under the Senior Finance Documents to which they are expressed to be a party rank, and will at all times rank, at least pari passu in right and priority of payment and in point of security (save by reason of and to the extent of the security afforded thereto by the Security Documents) with all its other present and future unsecured and unsubordinated obligations, other than obligations applicable generally to companies incorporated in its jurisdiction of incorporation which have priority by operation of law (including, without prejudice to the generality of the foregoing, in respect of employees' remuneration, Taxes and like obligations). 104
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Related to pari passu ranking

  • Pari Passu Debt means any Debt of the Issuer that ranks pari passu in right of payment to the Notes.

  • Pari Passu Indebtedness means any Indebtedness of the Issuer or any Guarantor that ranks pari passu in right of payment with the Notes or the Note Guarantees, as applicable.

  • Pari Passu Securities means any class or series of capital stock of the Company hereafter created specifically ranking, by its terms, on parity with the Designated Preferred Stock as to distribution of assets upon liquidation, dissolution or winding up of the Company, whether voluntary or involuntary.

  • Permitted Pari Passu Secured Refinancing Debt means any secured Indebtedness (including any Registered Equivalent Notes) incurred by the Borrower in the form of one or more series of senior secured notes; provided, that (a) such Indebtedness is secured by the Collateral on a pari passu basis (but without regard to the control of remedies) with the Obligations and is not secured by any property or assets of the Borrower or Restricted Subsidiary other than the Collateral, (b) such Indebtedness is not at any time guaranteed by any Subsidiaries other than Subsidiaries that are Guarantors, (c) such Indebtedness, (i) unless incurred as a term loan under this Agreement, does not mature or have scheduled amortization or payments of principal and is not subject to mandatory redemption, repurchase, prepayment or sinking fund obligations (other than customary offers to repurchase upon a change of control, asset sale or event of loss and a customary acceleration right after an event of default), in each case prior to the date that is the Latest Maturity Date at the time such Indebtedness is incurred or issued, and (ii) if incurred as a term loan under this Agreement, does not mature earlier than, or have a Weighted Average Life to Maturity shorter than, the applicable Refinanced Debt, (d) the security agreements relating to such Indebtedness (to the extent such Indebtedness is not incurred hereunder) are substantially the same as or more favorable to the Loan Parties than the Collateral Documents (with such differences as are reasonably satisfactory to the Administrative Agent), (e) to the extent such Indebtedness is not incurred hereunder, a Representative acting on behalf of the holders of such Indebtedness shall have become party to or otherwise subject to the provisions of an Intercreditor Agreement with the Administrative Agent and (f) such Indebtedness, if consisting of Refinancing Notes, satisfies clause (d) of the definition of Permitted Other Debt Conditions. Permitted Pari Passu Secured Refinancing Debt will include any Registered Equivalent Notes issued in exchange therefor.

  • Pari Passu Companion Loan A Companion Loan that, pursuant to the related Loan Documents and/or the related Co-Lender Agreement, is pari passu in right of payment to the related Split Mortgage Loan. The only Pari Passu Companion Loans related to the Trust as of the Closing Date are evidenced by the Notes identified in the Loan Combination Table under the column heading “Pari Passu Companion Loan(s),” each of which Notes evidences a separate Pari Passu Companion Loan.